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58 Cards in this Set

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market segmentation
dividing a market into distinct groups with distinc needs, characteristics, or behaviors who might require separate products or marketing mixes
target marketing
the process of evaluating each market segment's attractiveness and selecting one or more segments to enter
market positioning
arranging for aproduct to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
demographic segmentation
dividing the market into groups based on demographic variables such as age, gender, family size, family life cycle, income, occupation, eudcation, religion, race, generation, and nationality
psychographic segmentation
divides buyers into different groups based on social class, lifestyle, or personality characteristics
behavioral segmentation
dividign a market into groups based on consumer knowledge, attitude, use, or response to a product
intermarket segementation
forming segments of consumers who have similar needs and buying behavior even though they are located in different countries
requirements for effective segmentation
measurable, accessible, substantial, differentiable, actionable
target market
consists of a set of buyers who share common needs or characteristics that the company decides to serve
undifferentiated marketing (mass)
a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer
differentiated marketing (segmented)
a market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each
concentrated marketing (niche)
a market-coverage strategy in which a firm goes after a large share of one or a few segments or niches
micromarketing
the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups
product position
the way the product is defined by consumers on important attributes-the place the product occupies in consuemrs' minds relative to competing products
competitive advantage
an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices
underpositioning
failure to really position the company at all
overpositioning
giving buyers too narrow a picture of the company
criteria to promote differences
important, distinctive, superior, communicable, preemptive, affordable, profitable
value proposition
the full positioning of a brand-the full mix of benefits on which it is positioned
more for more
providing the most upscale product or service and charging a higher price to cover the higher cost, "only the best"
more for the same
comparable quality but at a lower price, toyota
the same for less
"everyone likes a good deal", offer many of the same brands as dept stores and specialty stores but at deep discounts based on superior purchasing power and lower-cost operations
less for much less
involves meeting consumers' lower performance or quality requirements at a much lower price, dollar stores
more for less
hard to sustain, optimal
product
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or a need
service
any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything
core benefit
"what is the buyer really buying?" most basic level
product quality
the ability of a product to perform its functions, includes durability, reliability, precision, ease of operation and repair, and other valued attributes
brand
a name, term, sign, symbol, or design, or a combination of these intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors
product line
group of products taht are closely related because they function in a similar manner, are sold to the same customer gorups, are marketed through the smae types of outlets, or fall within given price ranges (nike shoe lines)
line stretching
company lengthens its product line beyond its current range
line filling
adding more items within the present range of the line (salt)
product mix
the set of all product lines and items that a particular seller offers for sale
width
the number of different product lines the company carries
depth
the number of versions offered of each product in the line
consistency
how closely related the various lines are
length
the total number of items the company carries within its product lines
brand equity
the positive differential effect that knowing the brand name has on customer response to the product or service
line extension
using a successful brand name to introduce additional items in a given product category under the same brand name (new flavors, forms, colors, packaging)
brand extension
using a successful brand name to launch a new or modified product in a new category
characteristics of services
intangibility, inseparability, variability, perishability
new-product development
the development of original products, product improvements, product modifications, and new brands through the firm's own R&D efforts
product concept
a detailed version of the new-product idea stated in meaningful consumer terms
marketing strategy development
designing an initial marketing strategy for a new product based on the product concept
product development
developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable product
commercialization
introducing a new product into the market
sequential approach
one company department works to complete its stage of the process before passing the new product along to the next dept
simultaneous approach
various depts work closely together, overlapping the steps in the product development process to save time and increase effectiveness
product life cycle
the course of a product's sales and profits over its lifetime

development, introduction, growth, maturity, decline
price
the amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service
target costing
pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met
pure competition
many buyers and sellers trading in a uniform commodity, no single buyer or seller has much effect on the going market price
monopolistic competition
many buyers and sellers who trade over a range of price rather than a single market price, range exists because sellers can differentiate their offers to buyers
oligopolistic competition
few sellers who are highly sensitive to each other's pricing and marketing strategies, difficult for new competitors to enter the market
pure monopoly
one seller
price elasticity
a measure of the sensitivity of demand to changes in price
product line pricing
setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices
allowance
promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's products in some way